US stocks were muted on Tuesday as markets assessed the latest earnings and the risks that tariffs and uncertain economic policy may have on corporate returns. The three main averages were close to the flatline. Trade and economic policy uncertainty drove UPS to refrain from giving a full-year outlook, pressuring their shares by 2%.
Also, while GM sank 4% after it cancelled its share buyback and pulled its outlook due to the possibility of tariffs. Additionally, Amazon fell by 1% after stating it will list the additional surcharge on its goods due to tariffs, driving White House officials to accuse the tech giant of political hostility.
Other tech giants were mixed ahead of results by Microsoft and Meta tomorrow. The concerns of trade barriers were also reflected in the latest round of economic data.
The US posted its highest deficit in history in March as firms attempted to front-load imports from foreign countries, while job openings disappointed and CB confidence fell sharply.
Source: Trading Economics
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